Flexible Packaging Market Size Report and Forecast by 2028

Flexible Packaging Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Material (Plastics, Paper, Aluminum Foils, and Others), Product Type (Pouches, Bags, Films and Wraps, and Others), and Application (Food and Beverages, Medical and Pharmaceutical, Personal Care and Cosmetic, Industrial, and Others)

  • Report Code : TIPRE00004515
  • Category : Chemicals and Materials
  • Status : Published
  • No. of Pages : 154
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The flexible packaging market is projected to reach US$ 237,975.67 million by 2028 from US$ 176,173.61 million in 2021; it is expected to grow at a CAGR of 4.4% from 2021 to 2028.

Flexible packaging includes liners, pouches, seals, sample packets, and bags. It can be composed of film, plastic, paper, foil, etc. It is used for various food and beverage items, consumer products, music CDs, pharmaceuticals, computer software packages, and nutraceuticals. The durability offered by flexible packaging allows manufacturers to print eye-catching and high-quality custom designs, which increase product visibility in a retail setting.

In 2020, Asia Pacific held the largest revenue share of the global flexible packaging market. According to Asia-Pacific Economic Cooperation, Australia is one of the developed countries in APAC. The food & beverage sector is Australia’s largest manufacturing industry, accounting for 32% of the country’s total manufacturing turnover. According to the Australian Food and Grocery Council’s 2019 State of the Industry Report, the food & beverage, grocery, and fresh produce sector is worth USD$ 85.32  billion. The industry is made up of 15,000 businesses of all sizes that employ over 273,000 people. The growing food & beverage industry drives the flexible packaging market.

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Flexible Packaging Market: Strategic Insights

flexible-packaging-market
Market Size Value inUS$ 176,173.61 million in 2021
Market Size Value byUS$ 237,975.67 million by 2028
Growth rateCAGR of 4.4% from 2021 to 2028
Forecast Period2021-2028
Base Year2021
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Impact of COVID-19 Pandemic on Flexible Packaging Market

The shutdown of manufacturing units, difficulty in the procurement of raw materials, restriction on logistics has had a negative impact on the flexible packaging market. However, COVID-19 created massive spikes in online grocery delivery. In addition, packaged food and beverage industries are witnessing an upsurge in demand for shelf-stable foods and beverages, including milk products, as consumers rush to stock the pantries. Millions of households started buying groceries online for pickup or home delivery, and many will continue using e-commerce options after the crisis passes. Furthermore, the increasing demand for processed food products such as convenience-oriented foods that generally use high-barrier, premium packaging materials for higher shelf life is poised to encourage the need for flexible packaging.

Flexible Packaging Market Breakdown – by Region

  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Market Insights

Increased Consumption of Processed Food & Beverage

According to Anu Food Brazil report, the Brazilian food retail sector’s total revenue was US$ 96 billion in 2019. The food & beverage industry in Brazil achieved growth of 6.7% in 2019 and 12.8% in 2020. The frozen food market is prospering in Brazil. The frozen food market is prospering in Brazil due to the expansion of the middle class, rise in purchasing power, and an increase in the number of people working full time. Hence, the increasing consumer preference toward convenience foods drives the flexible packaging market.

Material Industry Insights

Based on material, the global flexible packaging market is segmented into plastics, paper, aluminum foils, others. The plastics segment held the largest share of the global flexible packaging market in 2020. Flexible plastic packaging involves various types of plastic material used for the packaging of different products. The type of material used in packaging depends upon the application and type of product to be packaged. Generally, plastic materials, such as polyethylene, polypropylene, polystyrene, and polyvinyl chloride, are used in flexible plastic packaging. Flexible packaging is considered the most convenient and economical way to preserve, distribute and package food items, beverages, pharmaceutical products and several consumables.

Flexible Packaging Market, by Material– 2020 and 2028

chemicals-and-materials
Flexible Packaging Market, by Material– 2020 and 2028
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

 

A few of the key players operating in the global flexible packaging market include Amcor plc, Huhtamaki, Mondi, Berry Global Inc., Sealed Air, Sonoco Products Company, Coveris, Constantia Flexibles, Flexpak services, and Transcontinental Inc. Players operating in the market are highly focused on the development of high-quality and innovative product offerings to fulfill the customer’s requirements.

Report Spotlights

  • Progressive trends in the flexible packaging industry to help players develop effective long-term strategies
  • Business growth strategies adopted by the market players in developed and developing countries
  • Quantitative analysis of the flexible packaging market from 2019 to 2028
  • Estimation of global demand for flexible packaging
  • Porter’s Five Forces analysis to illustrate the efficacy of buyers and suppliers operating in the industry
  • Recent developments to understand the competitive market scenario
  • Market trends and outlook as well as factors driving and restraining the growth of the flexible packaging market
  • Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
  • The size of the flexible packaging market at various nodes
  • Detailed overview and segmentation of the market, as well as the industry dynamics
  • Size of the flexible packaging market in various regions with promising growth opportunities
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Material, Product Type, and Application

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, UAE, UK, US

Frequently Asked Questions


Which product type segment accounted for the largest share in the global flexible packaging market?

The bags segment held the largest share of the market in 2020. These are commonly made of metal foil, plastic, and occasionally, paper. These bags are used in various packaging applications including food products, confectionery products, biscuits, coffee, powdered milk, snacks, etc. Also, these bags are easy for transport, material savings, and repeated use.

Which region is the fastest growing in the global flexible packaging market?

In 2020, Asia-Pacific is the fastest-growing region in the global flexible packaging market. According to Asia-Pacific Economic Cooperation, Australia is one of the developed countries in APAC. The food & beverage sector is Australia’s largest manufacturing industry, accounting for 32% of the country’s total manufacturing turnover. According to the Australian Food and Grocery Council’s 2019 State of the Industry Report, the food & beverage, grocery, and fresh produce sector is worth $122 billion. The industry is made up of 15,000 businesses of all sizes that employ over 273,000 people. The growing food & beverage industry drives the flexible packaging market.

Which application segment accounted for the largest share in the global flexible packaging market?

The food and beverages segment held the largest share of the market in 2020. Flexible packaging is widely used for packaging food products such as eggs, fresh fruits and vegetables, and salad, among others. Flexible packaging protects products from moisture, UV rays, mold, dust, and other environmental contaminants that can negatively affect the product, thereby maintaining its quality and extending its shelf life. Also, with the growth of online food delivery channels the demand for flexible, affordable, and recyclable packaging is also on a rise.

Which material segment accounted for the largest share in the global flexible packaging market?

In 2020, the plastics segment accounted for the largest market share. Flexible plastic packaging delivers a wide range of protective properties while ensuring a minimum amount of material being used. It is made from high-grade polymers such as PVC, polyamide, polypropylene, and polyethylene. These polymers are FDA-approved and are contaminant-free. They can take on extreme temperatures and pressures. Furthermore, they also act as a protective layer for the food and beverage by protecting it from micro-organisms, UV rays, moisture, and dust.

Can you list some of the major players operating in the global flexible packaging market?

The major players operating in the global flexible packaging market are Amcor plc; Huhtamaki; Mondi; Berry Global Inc.; Sealed Air; Sonoco Products Company; Coveris; Constantia Flexibles; Flexpak services; Transcontinental Inc.

In 2020, which region held the largest share of the global flexible packaging market?

In 2020, Asia-Pacific accounted for the largest share of the global flexible packaging market. The market for flexible packaging across Asia-Pacific has witnessed notable growth owing to the rapidly expanding packaging industry, growth of the food retail sector, and rising consumer awareness about sustainable packaging solutions across the region. The foodservice sector in Asia-Pacific is rapidly expanding owing to rapid economic growth, growth of the tourism sector, improving lifestyles of consumers, and rising disposable income levels. The region's food & beverage market is witnessing significant growth due to ample availability of various varieties of functional food and drinks and their growing demand among the millennial population. According to The Annual Report on Catering Industry Development of China 2019 (ARCIDC), China is the second-largest food and beverage economy across the world. The food and beverage revenue in China was over US$ 620 billion in 2018. The report further states that the online sales of food and beverages increased by US$ 44 billion from 2011 to 2017. Hence the growing demand for food & beverage in the region drives the flexible packaging market.

The List of Companies - Flexible Packaging Market

  1. Amcor plc
  2. Huhtamaki
  3. Mondi
  4. Berry Global Inc.
  5. Sealed Air
  6. Sonoco Products Company
  7. Coveris
  8. Constantia Flexibles
  9. Flexpak services
  10. Transcontinental Inc.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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